If you ever travel away from home on business, my new article makes “must” reading. Why? Because if you know how to play the business-travel deductions game, you can save a ton of money. Want to learn when you can deduct business-travel meals and lodging, and how to turn “personal days” into “business days”? You’ll get this information and a lot more when you read my new … [Read more...]
Travel
Sorted by Date
Crucial steps to deducting conventions, seminars, and meetings
Want to deduct the cost of a trip to a convention, seminar, or similar meeting at a beautiful resort? Especially one held in an exotic location? Then there’s an important fact you should know. The tax law divides the world into two zones: Inside North America Outside North America Why does this distinction matter? Because it affects the way you can deduct related … [Read more...]
Old receipts never die. They just fade away.
You take a client out for a business lunch and when you get back to the office, you file the receipt away just like the IRS wants you to. Then, years down the road the IRS calls you down for an audit and asks you to produce your receipts. You go to your file and discover that the thermal paper receipts your favorite restaurants used have faded and are unreadable. The … [Read more...]
How to get a tax deduction for your vacation home
Good news! Under IRS rules, your vacation home can avoid the dreaded “entertainment facility” disallowance rules. But you have to know exactly how to meet the law’s detailed requirements. In Part 4 of this series on entertainment-facilities, you’ll learn how to use the business-meeting and overnight-lodging rules to turn your cozy vacation home into a cozy tax-deductible … [Read more...]
Using your personal car for S corporation business
Here are four questions every S corporation business-owner needs to answer: Question #1: Is the vehicle you use for your S corporation business titled in your name? Question #2: Is the vehicle your spouse drives titled in her/his name? Question #3: Does your spouse use her/his personal vehicle for S corporation business? Question #4: If your vehicles are titled in your … [Read more...]